Speaking at a National Assembly session, Governor of the State Bank of Vietnam Nguyen Thi Hong addressed concerns over Vietnam’s gold market, warning investors of the high-risk nature of gold trading.

A high-profile investigation involving Saigon Jewelry Company (SJC) is unfolding, with six suspects facing allegations of corruption and abuse of power in their handling of state-directed gold price stabilization.

Most gold shops have set restrictions on the volume of gold that one individual can buy each day. Just minutes after opening every day, shops simultaneously announce that they have no more gold to sell.

The State Bank of Vietnam has reported to the National Assembly that domestic gold prices are currently 5-7% higher than global rates, following comprehensive measures to stabilize the market.

The State Bank of Vietnam (SBV) has announced that inspections on compliance with legal policies in gold trading activities of credit institutions and gold trading businesses have been completed and an inspection report is being compiled.

Gold prices continued to surge this morning, October 23, with gold rings reaching over 88 million VND per tael.

Despite the higher prices, many people are posting on social media channels to look for sources to buy gold rings and gold bars

Gold ring prices have been climbing to new record highs, while goldsmith shops are selling gold in limited quantities.

The State Bank of Vietnam (SBV) has reduced the domestic-international gold price gap to just 4-5 million VND per tael through strategic sales of SJC gold bars and will continue implementing measures to stabilize the market.

The State Bank of Vietnam (SBV) is working closely with ministries and local authorities to implement comprehensive strategies to address significant price disparities and stabilise the gold market.

The domestic gold market shone last week, with prices of gold rings continuously breaking records and even surpassing the buying price of SJC gold bars.

Prices of domestic gold rings continued their upward trajectory on September 27, reaching an all-time high of VND83.35 million per tael and being equal to the selling price of SJC gold bars for the first time.

Gold prices may see some minor increases in the coming months but in the long run, the precious metal will likely lose its appeal, said industry experts and policymakers.

Vietcombank has become the first bank in Vietnam to stop offering SJC-branded gold bars on its website and sell them through its banking app from August 27.

Amid growing concerns over the challenges of purchasing gold through official channels, experts suggest that the State Bank of Vietnam should reduce administrative interventions and allow the gold market to operate naturally.

As gold prices soar and availability remains limited, many Vietnamese borrowers find themselves in a difficult situation, struggling to repay gold loans taken out years ago.

HCM City authorities have established a task force aimed at enhancing the monitoring of gold bar transactions in the city to tackle speculation.

The country’s total demand for gold bars and coins was 26 tonnes in the first half of this year, the highest level since 2014, according to the report.

The view that it is necessary to tax gold purchases so that people 'love' gold less, according to experts, needs to be done in a calculated way, not to tax arbitrarily, to avoid a tax on tax.